JPMorgan’s Top Blockchain Executive Quits due to “Entrepreneurial Opportunity”

Apr 04, 2018 at 18:15

JP Morgan Chase’s key executive in its Blockchain Center of Excellence, Amber Baldet has stepped down to launch her own firm.

According to an internal memo of the bank that was obtained by Reuters, the official was leaving for an “entrepreneurial opportunity” but did not state whether it will be blockchain related.

Baldet served as the architect of JPMorgan’s blockchain strategy and her resignation came after the bank’s reported intention to spin off its enterprise blockchain project called Quorum.

The report added that the bank will replace Baldet with fellow Blockchain Center of Excellence official and senior product manager Christine Moy.

JPMorgan considered before to utilize Quorum in clearing and settling of interbank payments, a process that is also being considered by other financial institutions to employ the blockchain technology for.

However, unlike the public system that fuels Bitcoin, Quorum is seen to become a private ledger to improve transaction times with a validation that will be dependent on participants in the contract and not by volunteers.

Last month, JPMorgan already acknowledged the possibility of cryptocurrencies and blockchain technology to disrupt banks.

In its annual report, the bank’s chief executive officer, Jamie Dimon noted that “both financial institutions and their non-banking competitors face the risk that payment processing and other services could be disrupted by technologies, such as cryptocurrencies, that require no intermediation.”

The bank which manages about $2.53 trillion in assets is already the third major financial institution to cite cryptocurrencies as a business risk on their 2017 annual reports.